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Commodity stocks lift blue chip miners and oil majors

Oil prices were up around 2% on Friday.

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Oil stocks were higher on Friday (PA)

Oil stocks were higher on Friday (PA)

Oil stocks were higher on Friday (PA)

Commodity stocks were on the rise on Friday, with a rebound in metal and oil prices lifting crude producers and UK-listed miners.

It helped push the FTSE 100 up 0.2%, or 14.27 points, to 7,577.49 points.

The blue chip index was led by the likes of Antofagasta up 28.6p at 833.6p, Glencore up 10.25p at 320.75p, Anglo American up 39p at 1,575p, and Fresnillo up 23p at 947.2p.

David Madden, a market analyst at CMC Markets UK, said: “Metals have had a rough ride this week, as dealers feel the trade dispute between the US and China will have a greater negative impact on the Chinese economy.

“China’s economy has been growing at a more moderate rate in recent years and its appetite for minerals has been waning.

“Platinum fell to a multi-year low this week, while copper and palladium reached levels not seen since last summer.

“There has been a small bounce back in metal prices today, and that has helped BHP Billiton, Anglo American and Rio Tinto.”

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Oil giants were also among the biggest risers, with BP up 6.2p at 563.7p and Royal Dutch Shell’s ‘B’ shares up 26.5p at 2,614p.

It comes amid a 2% jump in the price of Brent crude to 76.20 US dollars per barrel.

The commodity fell amid worries over restricted global oil supplies, due to US sanctions on major producer Iran.

But prices were also bolstered by US inventory data from the Energy Information Administration which showed a much bigger than expected drop in stockpiles earlier this week.

Across Europe, the French CAC 40 and German DAX ended the day up 0.2% each.

In currencies, sterling was mixed rising 0.4% against the US dollar to 1.286 while falling 0.3% versus the euro to 1.105.

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The pound was mixed on Friday, rising against the US dollar but down versus the euro (PA)

The pound was mixed on Friday, rising against the US dollar but down versus the euro (PA)

PA Archive/PA Images

The pound was mixed on Friday, rising against the US dollar but down versus the euro (PA)

The pairing was helped by a sell-off on the dollar, but the pound was still feeling the effects of chatter around Government’s “no-deal” Brexit plans.

In a bid to demonstrate the Government is prepared for all eventualities, Brexit Secretary Dominic Raab outlined on Thursday how the UK would handle leaving the EU without a trade deal with its continental partners.

Chancellor Philip Hammond also detailed how the UK economy would be knocked by a no-deal scenario, saying in a letter to Treasury select committee chair Nicky Morgan that GDP would be 7.7% lower.

In UK stocks, Serco rose 2p to 100.6p after the outsourcer signed a new contract worth around £75 million with the Australian Defence Force.

Petrofac shares rose 1.4p to 658p despite warning that it would take a 55 million US dollar (£43 million) hit on the sale of its shares in a project in the North Sea.

The energy firm said on Friday that it would offload its 20% stake in the Greater Stella area development and its 25% interest in the FPF1 floating rig, both in the North Sea.

Air Partner slumped 2p to 111p as a competitive process to appoint new auditors got underway, following the private jet firm’s discovery of a £3.3 million accounting error earlier this year.

Its interim review of the first half’s financial results will continue to be undertaken by Deloitte, which was the auditor in charge when the error occurred.

The biggest risers on the FTSE 100 were Antofagasta up 28.6p at 833.6p, Glencore up 10.25p at 320.75p, Anglo American up 39p at 1,575p, and Fresnillo up 23p at 947.2p.

The biggest fallers on the FTSE 100 were British American Tobacco down 138.5p at 3,909p, Ocado Group down 35p at 1,079.5p, Berkeley Group Holdings down 65p at 3,635p, and United Utilities Group down 11.4p at 716.8p.


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